Investing for a greener world.
The Islamic Development Bank and other international financial institutions (IFIs) are for the first time launching a joint video campaign, Investing for a greener world, to showcase their role in facilitating climate change solutions, ahead of COP27. The group of IFIs includes the African Development Bank (AfDB), Asian Development Bank (ADB), Asian Infrastructure Investment Bank (AIIB), Black Sea Trade and Development Bank (BSTDB), Caribbean Development Bank (CDB), Council of Europe Development Bank (CEB), European Bank for Reconstruction and Development (EBRD), European Investment Bank (EIB), Inter-American Development Bank (IDB), Islamic Development Bank (IsDB), New Development Bank (NDB), the Nordic Investment Bank (NIB) and the World Bank Group (WBG). The joint video aims to raise awareness of the impact of the IFIs’ climate action work through the personal stories of beneficiaries, from Saint Lucia to the Philippines, Romania and Uganda. Together, the participating institutions have a global reach, across Africa, Asia and the Pacific, Europe and the Americas. Cumulatively, they invest billions each year in climate change mitigation and adaptation programmes, providing a collective green response that is fast and transformative. This adds crucial firepower to tackling global warming and extreme weather wherever it occurs. Their combined impact drastically cuts CO2 emissions, promotes awareness about climate solutions and benefits millions of people. As strong allies for low carbon pathways, the IFIs help the countries in which they invest to seize the economic and social opportunities presented by the transition to a greener world. As investors and partners, they catalyse private sector mobilisation and facilitate policy reforms conducive to greener practices. They also cooperate across regions to enable an exchange of knowledge and to deliver projects in response to the varied development needs of the economies in which they operate. IsDB President and Group Chairman, Dr. Muhammad Al Jasser has stated: As the world’s largest south-south development Bank, IsDB stands with other MDBs and IFIs and encourages and supports the climate ambition of its clients and efforts towards greener economies by all available means. We are committed to a 5-Year Climate Action Plan from 2020 to 2025; with an ambitious climate finance target of 35% of total commitments by 2025. We continue to provide and mobilize climate finance resources through non-traditional sources of financing for climate action such Public as green Sukuk. We are also increasing our effort in the diversification of financial instruments and support in de-risking private sector investments to leverage private finance for adaptation and mitigation activities.